Service and Support: Regions Bank and the Regions Foundation Announce Tornado Response Plan

Rhea-AI Summary

Regions Bank (Ticker: RB) and the Regions Foundation announced a tornado response plan to support communities impacted by a series of tornadoes in Tennessee and Kentucky. The plan includes $100,000 in funding from the Regions Foundation to support community-based recovery efforts and disaster-recovery financial services from Regions Bank to help people and businesses in Middle Tennessee and Southern Kentucky.

Insights

Financial Analyst

The recent announcement by Regions Bank and the Regions Foundation regarding their tornado response plan is significant for businesses and the stock market. The provision of $100,000 in funding for community-based recovery efforts, alongside various disaster-recovery financial services, is poised to have a positive impact on the affected communities in Middle Tennessee and Southern Kentucky.

From an economic standpoint, the allocation of funds towards relief efforts can stimulate local economies by providing immediate resources for rebuilding and recovery. Moreover, the financial services offered by Regions Bank, such as fee waivers, loan payment assistance and interest rate discounts, are designed to ease the financial burden on individuals and businesses, potentially accelerating the recovery process. These measures can lead to increased consumer confidence and spending, which can have a ripple effect on regional economic stability and growth.

In the long-term, such community-focused initiatives can enhance the bank's reputation and customer loyalty, which are intangible assets that can translate into tangible financial gains. Additionally, the bank's proactive role in disaster relief may contribute to a positive perception among investors and stakeholders, potentially impacting the bank's stock performance favorably.

It is important to note that while the immediate costs of these services may affect the bank's short-term financials, the investment in community resilience and customer goodwill can yield long-term benefits. However, the actual financial impact on the bank's earnings will depend on the scale of the disaster's damage and the effectiveness of the relief efforts.

Economic Development Expert

The commitment by Regions Bank and the Regions Foundation to fund recovery efforts following the tornadoes in Tennessee and Kentucky illustrates the role of corporate entities in economic development post-disaster. The strategic injection of funds into local nonprofits and community initiatives is a form of social investment that can catalyze recovery and development.

When analyzing the broader economic implications, the support for organizations like United Way and Manna Café Ministries not only addresses immediate needs but also contributes to the long-term capacity building of these entities to serve their communities. Such capacity building is essential for sustainable development and can mitigate the impact of future disasters.

The multiplier effect of disaster relief funding should also be considered. By supporting local businesses and individuals, the bank may indirectly foster job retention and creation, which is crucial for economic recovery. Furthermore, the bank's financial services can provide necessary liquidity in a time of crisis, which is vital for maintaining the economic activity of the affected regions.

Overall, the strategic response by Regions Bank and the Regions Foundation demonstrates a recognition of the interconnectedness between corporate social responsibility and economic vitality. Their actions can serve as a blueprint for other corporations in responding to community needs during crises, with potential benefits extending beyond the immediate recipients of aid.

CLARKSVILLE, TN / ACCESSWIRE / December 19, 2023 / Regions Bank
Regions Foundation funding to support community recovery; Regions Bank services designed to help people impacted by recent storms in Tennessee and Kentucky.

By Jeremy King

Regions Bank and the Regions Foundation on Wednesday announced a tornado response plan aimed at supporting communities that were impacted by a series of tornadoes Saturday, Dec. 9.

The plan is built around two key elements:

1. Funding from the Regions Foundation to support community-based recovery efforts
2. Disaster-recovery financial services from Regions Bank to help people and businesses in Middle Tennessee and Southern Kentucky

Regions Foundation Funding:

The Regions Foundation is providing a total of $100,000 to be divided among tornado relief funds operated by United Way of Greater Nashville and the Community Foundation of Middle Tennessee, as well as the food distribution program operated by Manna Café Ministries in Clarksville.

United Way of Greater Nashville and the Community Foundation of Middle Tennessee quickly launched a coordinated storm response after Saturday's tornadoes. Together, the organizations are working with nonprofits and faith-based community partners to address a wide range of urgent needs for storm survivors in several counties. From the Foundation's $100,000 in grant funding, $90,000 will be allocated toward these relief efforts serving people across Middle Tennessee.

Manna Café Ministries operates hunger relief programs and delivers other vital services for people across Montgomery and Stewart counties. Manna Café will receive the additional $10,000 from the Regions Foundation's grant funding to help address community needs amid the recovery.

"These organizations are on the ground doing what they do best - meeting important needs, while providing care and compassion, and we are proud to support their work," said Marta Self, executive director of the Regions Foundation. "We recognize this will be a long and difficult recovery. But we are encouraged by the spirit of unity and determination that's evident in every community as neighbors help neighbors. Our goal with this funding is to provide resources to help keep the recovery moving forward in the days, weeks, and months to come."

The Community Foundation of Middle Tennessee and United Way of Greater Nashville urge additional organizations, businesses, and individuals to support relief work. More information is available in this link. Likewise, additional information and donation opportunities for Manna Café can be found here.

Based in Alabama, the Regions Foundation is a nonprofit funded primarily by Regions Bank. The Regions Foundation issues grants supporting several key initiatives, including disaster relief, across communities in the South, Midwest, and Texas.

We recognize this will be a long and difficult recovery. But we are encouraged by the spirit of unity and determination that's evident in every community as neighbors help neighbors.

Marta Self, executive director of the Regions Foundation

Disaster-Recovery Financial Services from Regions Bank:

Separately, Regions Bank has designed financial services to help people and businesses impacted by the tornadoes. The following options are available for a limited time in affected communities¹ in Middle Tennessee and Southern Kentucky. Services include:

• Regions Mortgage Disaster Relief Purchase and Renovation loan programs are available.
• Non-Regions ATM fees will be waived when Regions customers use other banks' ATMs in the impacted areas¹ for at least seven days beginning Dec. 13, 2023. (Note: Fees charged by other banks or ATM owners may still apply.)
• Regions will waive ATM surcharges for non-Regions customers using Regions ATMs in the impacted areas for seven days beginning Dec. 13, 2023.
• No check-cashing fees will be charged for FEMA-issued checks when cashed in a Regions branch.²
• Personal and business loan payment assistance is available.³
• Payment deferrals are available for current credit card holders.³
• Business loan payment deferrals of up to 90 days are available, expiring March 12, 2024.³
• One penalty-free CD withdrawal is available upon request (unless within seven days of issuance or renewal) for up to 90 days, expiring March 12, 2024.
• An interest rate discount of up to 0.50% on new personal unsecured loans when customers in impacted areas apply in a branch or by phone⁴. The offer is available for up to 90 days, expiring March 12, 2024.
• An interest rate discount of up to 0.50% on auto loans when customers in impacted areas apply in-branch or by phone⁴. The offer is available for up to 90 days, expiring March 12, 2024.

Regions Bank also has dedicated teams available to help customers with questions or needs related to the following services:

• Mortgages, home equity loans, and lines of credit: Call 1-800-748-9498.
• Credit cards, consumer loans, and lines of credit: Call 1-866-298-1113.
• Any other banking needs: Call 1-800-411-9393.

"Our teams have many years of experience providing financial advice and guidance in these communities, and we are here to leverage our local insights to help people and businesses recover and rebuild," said Lee Blank, market executive for Regions Bank in Nashville and Middle Tennessee. "We are committed to meeting short-term and long-term needs, and we invite our customers to share their individual circumstances with us so we can identify specific ways to serve. Whether it is through your local branch, or by calling our Contact Centers, or through regions.com, we are here to connect you with what you need."

Customers are also encouraged to visit Regions Bank's online Disaster Relief Center at www.regions.com/DisasterRelief for timely information on financial recovery programs, loan assistance resources, and more.

About Regions Foundation
Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.

About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $154 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

¹Offers are available for a limited time and only to individuals and businesses affected by the Dec. 9 series of tornadoes in the following ZIP codes. Other ZIP codes may be added to this list based on updated storm surveys and damage reports: 37040, 37042, 37066, 37075, 37077, 37115, 42204, 42234, 42265.

Offers may be subject to other exclusions and restrictions and are subject to change without notice. All loans and lines, deferrals, extensions, or forbearances may be subject to required documentation and credit approval. Residency restrictions may apply. Special loan interest rates may be determined by applicant's credit profile and may not extend to products offered by third parties, such as Avant.

²The FEMA no-check-cashing fee offer is available only to Regions customers; if you are not a Regions customer, you must enroll in Now Banking. No checking account is required to enroll in Now Banking. Regions reserves the right to refuse to cash any check.

³May be subject to credit approval. Interest will continue to accrue during the period that the payment is skipped or deferred. For installment loans, deferring or skipping payment may extend the maturity of your loan but will not automatically extend any optional insurance. Forbearances, skipped payments and deferrals (a) may vary by customer, (b) postpone - rather than forgive - certain payment obligations and (c) may require payment in full of the postponed payments at the end of the forbearance or deferral period, in addition to any other amounts that come due, unless you make other arrangements with Regions to resolve the delinquency.

⁴New personal unsecured loan and new auto loan rate discounts may not be combined with other special offers or discounts. The rate discount of up to 0.50% includes 0.25% disaster relief rate discount with an additional 0.25% rate discount when you enroll in auto debit loan payments from an existing Regions checking account.

View additional multimedia and more ESG storytelling from Regions Bank on 3blmedia.com.

Contact Info:
Spokesperson: Regions Bank
Website: https://www.3blmedia.com/profiles/regions-bank
Email: info@3blmedia.com

SOURCE: Regions Bank

View the original press release on accesswire.com

FAQ

What is the purpose of the tornado response plan announced by Regions Bank and the Regions Foundation? (RB)

The purpose of the plan is to support communities impacted by a series of tornadoes in Tennessee and Kentucky through funding and financial services.

How much funding is the Regions Foundation providing for the tornado relief efforts? (RB)

The Regions Foundation is providing a total of $100,000, which will be divided among tornado relief funds operated by United Way of Greater Nashville, the Community Foundation of Middle Tennessee, and the food distribution program operated by Manna Café Ministries in Clarksville.

What organizations will receive the funding from the Regions Foundation for the tornado relief efforts? (RB)

The funding will be allocated to United Way of Greater Nashville, the Community Foundation of Middle Tennessee, and Manna Café Ministries to help address community needs amid the recovery.

What disaster-recovery financial services are being offered by Regions Bank to help people and businesses impacted by the tornadoes? (RB)

Regions Bank is offering a range of financial services, including mortgage disaster relief programs, waived ATM fees, no check-cashing fees for FEMA-issued checks, loan payment assistance, and payment deferrals for credit card and business loans.

How can customers access the disaster-recovery financial services offered by Regions Bank? (RB)

Customers can access the disaster-recovery financial services by contacting dedicated teams at Regions Bank or visiting the online Disaster Relief Center at www.regions.com/DisasterRelief.